Some further dramatic moves on the Indian Rupee this week once again shocked end buyers into submission, as extreme market volatility once again reared its head in India.
The Rupee made an unexpected and sharp depreciation just over INR 62 against the US Dollar, leaving many cash buyers and end buyers cursing their luck, having only recently acquired some high priced inventory.
Those lucky enough not to buy, retreated into their shells monitoring market movements with interest most buyers will perhaps wish to see Diwali holidays out before returning to the bidding table in a few weeks.
There were however some further interesting sales to note, in signs that some cash buyers are continuing to ignore the overall market volatility, just to get their hands on some tonnage and hoping for a post Diwali boom in prices.
The Chinese controlled general cargo tween vessel ZHONG XIANG (8,671 LDT) achieved a remarkable USD 512/LT LDT the favorable size, heavy prop, November delivery, and low beam, all contributing to the decent price on show.
Additionally, the RoRo / container vessel JOLLY ARANCIONE (20,748 LDT) was committed for a similarly decent USD 463 per LT LDT (‘as is’ Port Rashid) despite having approximately 4,000 T permanent ballast included in the lightweight (making cutting activity, a tough procedure for end buyers).
Source: steel guru. 30 September 2014